Losses on stock markets have continued after the collapse of fourth largest US investment bank, Lehman Brothers, which has filed for bankruptcy protection.
 The global financial community is reeling from Lehman's demis |
European markets opened sharply lower for a second day, with the UK's FTSE 100 and Germany's Dax both down 1.7%.
Shares in Japan, South Korea and Hong Kong fell more than 5%, having been shut on Monday for public holidays.
Lehman, which may be about to sell its core assets to Barclays, is the latest victim of the global credit crunch.
Banks hit
The FTSE 100 of leading UK shares fell 91 points to 5,113 in morning trade. The Dax index of leading German shares was down 106 points at 5,959 points and France's Cac 40 was down 65 points at 4,104 points.
The US stock market on Monday had its worst day's trading since 9/11, with the Dow Jones index ending the day down 504.48 points, or 4.42%, at 10,917.51.
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